Justin Sun Accumulates Over 3 Million EIGEN Tokens

Crypto Entrepreneur and founder of TRON, Justin Sun, makes headlines today as he acquired a massive amount of EIGEN tokens, up to the tune of 3 million. The latest accumulation of the newly launched token has caught the attention of crypto enthusiasts and investors.

Eigenlayer, an Ethereum restaking protocol, recently launched its airdrop for Season 1, Phase 1 rewards according to a blog post dated May 10 on its official website. According to the post, the campaign starts with 6.05% of the initial supply. However, Season 1 Phase 2 will bump that to 6.75% in mid-June. After waiting for weeks, users who are owed the new EIGEN token can now obtain it through the claims process. Nevertheless, users are unable to sell EIGEN because it is not currently transferable.

Justin Sun Adds EIGEN Tokens to His Portfolio

In a recent report by PA News, the Chinese-born Grenadian crypto head, Justin Sun has added a substantial amount of EIGEN tokens to his portfolio. According to the report, Sun acquired a total of 3.62 million EIGEN tokens from four separate addresses. The total value of these tokens is approximated at $28.23 million, based on its current price of $7.8 on AEVO, a decentralized crypto derivatives trading platform.

At the time of writing, Sun holds a total of 665k ETH tokens (worth $1.9 billion). About 247,000 of these tokens are stored in his wallet, while 417,000 tokens have been used for staking on several platforms. Some of these platforms include Eigenlayer where he stakes about 215,045 ETH tokens, about 120,045 ETH on Swell, more than 58k ETH tokens on Puffer, 23,205 ETH tokens on Lido, and 454 ETH on Etherfi.

Sun has always been an avid holder of cryptocurrency. In an X (formerly Twitter) post in February, Sun revealed that he has up to $1.6 billion worth of crypto-holding on his HTX account while stressing that he is a “heavy user” of the platform. ” I am a heavy user of HTX. My personal use of HTX is the same as all HTX users, believing and trading,” he wrote

My personal HTX account balance (just for those who are saying I'm not using HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ

— H.E. Justin Sun🌞(hiring) (@justinsuntron) February 27, 2024

Justin Sun Accumulated Over 176,000 ETH in April

Meanwhile, Justin Sun’s portfolio also boasts more than 176k ETH (worth approximately $559.7 million). In data shared by Lookonchain, an on-chain analytics platform, Sun had accumulated this much amount of Ethereum since April 8 at an average price of $3,170 per token. Before the report, the aforementioned tracker platform spotted a wallet address that is likely associated with Sun, withdrawing thousands of ETH tokens from the exchange giant Binance.

Update:

0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL

— Lookonchain (@lookonchain) April 25, 2024

Additionally, Lookonchain previously reported that on April 27, another address that may be connected to Sun removed $23.3 million worth of Ethereum and roughly $96 million worth of Tether (USDT) from Binance. The continuous hefty transactions have created speculations across the crypto community about the possibility of affecting market prices.

Meanwhile, the EIGEN token is not available to users in over 30 countries including the U.S., Canada, Russia, and China.